Ridgewood Condominium, one of Singapore’s oldest condominiums, with a total area of 672,000 sq ft, is considering jumping on the collective sale bandwagon.
The 999-year property has 464 units and is located in District 10, along Mount Sinai Drive.
It will hold an extraordinary general meeting on Oct 14 to consider setting up a collective sale committee, according to a letter dated Sept 18 sent by the management council to subsidiary proprietors and first mortgagees. The condominium was built in 1981.
If the property is sold en bloc, some owners could net about $2 million each, while those who own one of the property’s approximately 34 two-storey townhouses – which range from 1,800 to 2,000 sq ft – could receive $3 million to $4 million each, according to an estimate by Mr Ku Swee Yong, chief executive of International Property Advisor.
A typical four-bedroom unit at Ridgewood is about 1,200 sq ft, with some units exceeding 1,500 sq ft, said Mr Ku.
Mr Vimal Harnal, the chairman of Ridgewood’s management council, told The New Paper yesterday: “The timing was right as some other (collective) sales had taken place.
“Since Ridgewood had tried to go en bloc before, some of the residents think there might be another opportunity now.”
Two previous attempts, in 2007 and 2013, did not get enough approval – 80 per cent of the owners – for the plan to pass.
“It is hard to read the mood right now as some residents may say it is easier to move now, but others may be sentimental about living here,” said Mr S. Radakrishnan, who bought his four-room flat in 1999.
But Ridgewood would be adding to a market that Mr Ku believes may be oversupplied with collective sales and new launches.
“We are already seeing some rental declines in HDB (estates) and condominiums,” he said.
Owners at the nearby former HUDC’s Pine Grove are making a third attempt at collective sale, after unsuccessful tries in 2007 and 2011. They are asking for a reserve price of $1.65 billion.
Property consulting firm JLL reported 17 residential collective sale sites since last year covering more than 3,140 units, the Business Times reported.